When the housing crisis and credit crunch happened around 2008 the mantra that did the rounds was that the country’s largest banking institutions were too big to fail. Hardly a soul fully understood and appreciated the implications of the government’s actions at the time. They could not understand why they were left to fail while their banks were being rescued. It seemed wholly or grossly unfair at the time. And yet still, you have to appreciate the full implications of what could have happened had the government not intervened.
To be quite honest, the majority of banking houses like Columbia Bank South Plainfield would have warned their customers years before that epochal event. Way, way before the markets crashed, and yes, there have been others; like the tech crunch and black October, bank branch’s consultants had always been explaining to their customers the importance of paying their bills on time, and how. The impression was being given to customers to save more rather than spend more. In other words, the invitation would have been given to invest monies with the local branch above rushing off to collect a new credit card.
|620 Oak Tree Ave, South Plainfield|
|NJ 07080, United States|
|Phone: +1 908-757-1055|
The investment idea would have paved the way for aspirant homeowners to build a sufficient cushion of savings to serve as a healthy deposit on the purchase of a first or new home. Thereafter, mortgage payments, always inevitable as they were, would have been a lot easier to settle. And there are those customers that could speak with pride and self-satisfaction about the richness and rewards of having no monthly mortgage obligations to meet as a result of settling same at the earliest date possible. When interest rates fluctuated, these customers would remain resilient and continue per the original arrangement. Or do more.